Brent evolves to retain lustre
Introduction of Troll marks attempt to keep Brent as benchmark of choice
Analysts welcomed news in mid-February that oil pricing agency S&P Global Platts would be making the first major overhaul to its Dated Brent benchmark in a decade by adding 200,000 barrels per day (bpd) of Statoil’s Troll field to the pricing basket.
Brent is based on North Sea production, where output has fallen from six million bpd in 2004 to just 2.8 million bpd – a paltry contribution to total global output of 96 million bpd, according to International Energy Agency data. By adding the
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